Oil Minister calls on Saudis to invest in Libyan oil industry

It is reported during the visit that the Saudi Minister of Petroleum and Mineral Resources, Ali Al-Naimi, had expressed his personal willingness and that of Saudi Arabia to support Libya on its journey to progress and prosperity. Arusi thanked the Kingdom for its support for the revolution, adding that Qaddafi’s past actions to sabotage the relationship between the two countries were foolish and irresponsible.

(In 2003, Qaddafi tried to have King Abdullah, then Crown Prince, assassinated after a spat at an Arab Summit. Again at an Arab Summit, in Doha in 2009, Qaddafi brought ridicule on himself when he questioned King Abdullah’s regal title, boasting that he was far more important: “I am the leader of the Arab leaders, the King of Kings of Africa and the Imam of the Muslims.”)

In his meeting with Eastern Province businessmen yesterday, Arusi also called on other Gulf businessmen to invest in Libya. He said its oil sector could be developed and assisted by their experience in oil exploration and production. However, he pointed out that Libya would have to change current legislation limiting foreign investment. Current regulations hindered the economic and technical growth of the sector, he said.

In a report in Al Hayat newspaper, Arusi was quoted saying that favourable laws to attract investors, such as exempting foreign investors from taxes for a period of five years with an option to extend for three years, were among major suggestions being considered by the Libyan authorities.

He is also reported to have disclosed during the meeting with businessmen from Saudi Arabia’s oil-rich Eastern Province, that a Saudi businessman had been in preliminary talks to invest $67 million for a cement factory and another $54 million for a sugar factory, both in Misrata. The city was chosen because of its free trade zone; the investor is supposedly looking to export from Libya to Europe.

While visiting the King Fahd University of Petroleum and Minerals in Dhahran, the Libyan delegation was assured by the university’s rector, Khaled Al-Sultan, that Libyan students would be welcome to study there.

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